About Zanaco

OUR HISTORY

National Commercial Bank Limited originated from the dictates of the 1967 and 1968 Economic Reforms which the government promulgated in order to put the economic destinies of this young and dynamic nation increasingly in the hands of Zambian citizens.

Soon after independence, there was a general feeling among the leaders of this country that suitable Banking facilities for the common man were not available and that this situation was unnecessarily retarding the economic development of the country. At the time, Zambia had four different banks operating throughout the country with their own restricted branch network. These banks were mainly staffed by foreign nationals. They did not cater for the entire needs and circumstances of a fast growing economy like Zambia. It was this which prompted the need for the establishment of National Commercial Bank.

The Bank was incorporated on 21st August, 1969 and opened its doors for business on 15th October, 1969 with members of staff drawn mostly from the Bank of Zambia. It started operations with only one branch situated in temporary rented premises. The total number of staff at the time was 20.

The Zambian Government acquired a controlling interest in the Commercial Bank (Zambia) Limited which was subsequently amalgamated with the National Commercial Bank Limited. In March 1978, the name of the Bank was changed to Zambia National Commercial Bank Limited and has since been universally known to Zambians as Zanaco.

Over the years Zanaco has grown to be one of the leading banks in Zambia in terms of customer deposits, total assets and points of representation. Zambia National Commercial Bank Plc was partially privatised in April 2007 when Rabobank, from the Netherlands, acquired 49% of GRZ's interest in the Bank. Zanaco was listed on the Lusaka Stock Exchange in 2008 and with over 50% of the shares owned by Zambians, is considered 'Citizen Owned'. Its financial and operational performance has consistently improved since privatisation confirming Zanaco's position as one of the leading Banks in Zambia.